Binance suspends popular Fiat ramp for UK customers amid regulation

Binance UK customers are currently unable to use the popular local payment provider Faster Payments to withdraw British pounds sterling (GBP) from the exchange.

On Monday June 28, the Binance website said that GBP withdrawals via Faster Payments were “suspended for maintenance,” according to the Financial Times.

Faster Payments is a payment service provider used by major banks to process payments almost instantly. It has become one of the preferred channels for transferring fiat currency to and from the Binance exchange.

According to the report, UK users can still use traditional methods like bank cards to transfer funds from the exchange. However, the exchange admits that pausing Faster Payments is a significant obstacle.

The move follows a June 27 order from the UK’s Financial Conduct Authority (FCA) instructing Binance to cease all regulated activities in the country after reviewing its business.

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“Binance Markets Limited is not authorized to conduct regulated activities in the UK,” stated the FCA’s letter, stating that no other Binance group company has the necessary licenses to operate in the UK.

The exchange is on June 28th Counterattack Binance Markets Limited “is a separate legal entity and does not offer any products or services through the Binance.com website,” adding, “The announcement by the UK FCA has no direct impact on the services offered on Binance.com.”

Binance launched its UK trading platform for institutional and retail investors in June 2020 under the supervision of the FCA.